Creditors of failed group Retail Adventures, which ran discount chain Chickenfeed, have scored a legal win in their battle against the company's owner, Jan Cameron.

Cameron, who also founded the Kathmandu chain of outdoor stores, bought the company, Retail Adventures, from its then-administrators in 2009 for A$85 million, but the venture did not succeed and it again collapsed in October last year, owing creditors A$170m (NZ$185m).

The NSW Supreme Court has found a deed of company arrangement pushed through by Cameron "unreasonably prejudiced" other creditors, litigation funder Bentham IMF told the ASX.

On Monday, Justice Stephen Robb ordered the company be wound up, but stayed the order until today to give Cameron time to appeal.

But Bentham IMF has also detailed plans to go after Cameron and other directors personally.

Under Cameron's deal, creditors were to claw back a maximum of A6.5c in each dollar owed. However, administrators Deloitte estimated that if directors and preferential creditors were pursued, winding up the group would return between A21c and A45c in the dollar.

Deloitte estimated A$20m in preferential payments could be recovered and pursuing directors for insolvent trading could net between A$19m and A$33m.